What is Economic Survey ?
Economic Survey 2022 : An economic survey is a comprehensive analysis of the economic performance of a country over a specified period of time. The survey typically covers a wide range of economic indicators, such as gross domestic product (GDP), inflation, employment, trade, and fiscal situation. The economic survey provides a snapshot of the current state of the economy. It also gives an outlook on the future economic trends and challenges.
Economic surveys are typically prepared by government agencies, such as the Ministry of Finance or the Central Bank, and are released annually or semi-annually. The survey is used as a tool by policymakers, economists, and investors to understand the economic conditions of a country and make informed decisions.
In India, the Economic Survey is presented to the Parliament by the Ministry of Finance before the presentation of the Union Budget. The survey provides a comprehensive analysis of the state of the Indian economy. It serves as a reference for policymakers in the formulation of economic policies.
Who publishes Economic Survey?
The Finance Minister, presents the Economic Survey. Generally Economic Survey is presented one day before Budget Presentation. Tuesday, shortly after the President’s speech to both Houses of Parliament, the economic survey is presented. On Wednesday, February 1, 2023, she proposed the union budget for the upcoming fiscal year beginning on April 1, 2023. We’ll tell you when the Economic Survey 2023 was issued, what its benefits are, how to get the PDF of the survey, and when the union budget will be released in this first paragraph. Stay with us until the end of this page to learn all about the Economic Survey 2023.
Economic Survey 2022-2023 Overview
| Title | Economic Survey (2022-2023) |
| Year | 2023 |
| Tabled | 31 January 2023( One day before Budget Representation) |
| Presented By | Nirmala Sitaraman |
| Presented Before | Parliament |
| Economic Survey Summary | Given |
Summary of Economic Survey 2022-23
India to witness GDP growth of 6.0 per cent to 6.8 per cent in 2023-24, depending on the trajectory of economic and political developments globally.
The optimistic growth forecasts stem from a number of positives like the rebound of private consumption given a boost to production activity, higher Capital Expenditure (Capex), near-universal vaccination coverage enabling people to spend on contact-based services, such as restaurants, hotels, shopping malls, and cinemas, as well as the return of migrant workers to cities to work in construction sites leading to a significant decline in housing market inventory, the strengthening of the balance sheets of the Corporates, a well-capitalised public sector banks ready to increase the credit supply and the credit growth to the Micro, Small, and Medium Enterprises (MSME) sector to name the major ones.
ECONOMIC SURVEY 2022-23 PROJECTS A BASELINE GDP GROWTH OF 6.5 PER CENT IN REAL TERMS IN FY24
ECONOMY IS EXPECTED TO GROW AT 7 PER CENT (IN REAL TERMS) FOR THE YEAR ENDING MARCH 2023, THIS FOLLOWS AN 8.7 PER CENT GROWTH IN THE PREVIOUS FINANCIAL YEAR
CREDIT GROWTH TO THE MICRO, SMALL, AND MEDIUM ENTERPRISES (MSME) SECTOR HAS BEEN REMARKABLY HIGH, OVER 30.5 PER CENT, ON AVERAGE DURING JAN-NOV 2022
CAPITAL EXPENDITURE (CAPEX) OF THE CENTRAL GOVERNMENT, WHICH INCREASED BY 63.4 PER CENT IN THE FIRST EIGHT MONTHS OF FY23, WAS ANOTHER GROWTH DRIVER OF THE INDIAN ECONOMY IN THE CURRENT YEAR
RBI PROJECTS HEADLINE INFLATION AT 6.8 PER CENT IN FY23, WHICH IS OUTSIDE ITS TARGET RANGE
RETURN OF MIGRANT WORKERS TO CONSTRUCTION ACTIVITIES HELPED HOUSING MARKET WITNESSING A SIGNIFICANT DECLINE IN INVENTORY OVERHANG TO 33 MONTHS IN Q3 OF FY23 FROM 42 MONTHS LAST YEAR
SURGE IN GROWTH OF EXPORTS IN FY22 AND THE FIRST HALF OF FY23 INDUCED A SHIFT IN THE GEARS OF THE PRODUCTION PROCESSES FROM MILD ACCELERATION TO CRUISE MODE
PRIVATE CONSUMPTION AS A PERCENTAGE OF GDP STOOD AT 58.4 PER CENT IN Q2 OF FY23, THE HIGHEST AMONG THE SECOND QUARTERS OF ALL THE YEARS SINCE 2013-14, SUPPORTED BY A REBOUND IN CONTACT-INTENSIVE SERVICES SUCH AS TRADE, HOTEL AND TRANSPORT
SURVEY POINTS TO THE LOWER FORECAST FOR GROWTH IN GLOBAL TRADE BY THE WORLD TRADE ORGANISATION, FROM 3.5 PER CENT IN 2022 TO 1.0 PER CENT IN 2023
Macroeconomic and Growth Challenges in the Indian Economy
Source PIB
FAQs of Economic Survey
Here are some frequently asked questions about the Economic Survey of India:
The Economic Survey of India is an annual document that provides an overview of the state of the Indian economy. It is presented to the Parliament by the Ministry of Finance before the presentation of the Union Budget.
The Economic Survey of India is usually released a day before the Union Budget presentation, which takes place in the first week of February each year.
The Economic Survey of India covers a wide range of economic indicators, including GDP growth, inflation, employment, trade, fiscal situation, and structural reforms. It provides a comprehensive analysis of the current state of the Indian economy and an outlook on future economic trends and challenges.
The Economic Survey of India serves as a reference document for policymakers, economists, and investors in making informed decisions. It provides a comprehensive analysis of the state of the Indian economy, which helps in the formulation of economic policies.
The Economic Survey of India is prepared by the Ministry of Finance, Government of India.
Yes, the Economic Survey of India is available online on the official website of the Ministry of Finance, Government of India.
